Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 112.8 million for fiscal year 2016, narrowing losses by 19 percent year-on-year. The company recorded a decline in sales due to lower prices on the international markets in 2016.
The slight improvement in FY16 was due to a cost reduction program that led to better operating expenses, along with settlement and reversal of a supplier price difference provision. The chemical producer also said it recorded a final settlement of an insurance claim against a fire at one of its plant.
Chemanol also narrowed its Q4 loss to SAR 38 million, compared to a loss of SAR 60.3 million in the same period last year, due to improved operating expenses.